The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals, all united by large-scale service into the New York metropolitan area and New England and Chicago. The new company failed barely two years after formation, the largest bankruptcy in U.S. history at the time. The Penn Central's railroad assets were nationalized into Conrail along with the other bankrupt northeastern roads; its real estate and insurance holdings successfully reorganized into American Premier Underwriters.

The Pennsylvania Railroad, legal name The Pennsylvania Railroad Company, also known as the "Pennsy", was an American Class I railroad that was established in 1846 and headquartered in Philadelphia. It was named for the commonwealth in which it was established. At its peak in 1882, the Pennsylvania Railroad was the largest railroad, the largest transportation enterprise, and the largest corporation in the world.